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What do you see in the market supporting your idea that ad tech and mar tech won’t converge? MARTIN KIHN: The business models are different. Marketing tech works on a subscription model, which means it’s predictable. The media model [in ad tech] is high-risk and difficult to predict. And those budgets come from different places. Mar tech budgets are more capital expenses, with an annual planning cycle.

Anything around identity is hot right now: something that can map devices together, or people to records in the world, is a good asset. Oracle acquired Crosswise. Acxiom bought LiveRamp. The other areas would be around analytics, companies developing insight decisions and customers. Those are companies like Tinyclues, Optimove, Adgorithms and Lytics.

The value of an off-the-shelf audience, like someone in the market for a car, becomes less valuable over time on a generic level. And DSPs used to differentiate on their access to inventory. Now you can go to Iponweb and use BidSwitch, and any DSP can access inventory outside of the walled gardens. They have to differentiate on service and on analytics.